Saturday, 26 May, 2018

Moody's: Malaysia biggest victor in TPP agreement

European Council trade representative Cecilia Malmström briefs the press on the European Union's response to steel and aluminum tariffs proposed by the United Moody's: Malaysia biggest victor in TPP agreement
Becky Salazar | 10 March, 2018, 02:07

"Things that the United States is selling to the member countries will now enter tax-free from the other members like Mexico or Australia and so the United States might lose some exports", Winters said, adding, however, that this loss of exports will be an irritation rather than a major shock to the U.S. economy. Although there is widespread agreement that China has produced and exported too much steel worldwide, other nations and even Republican leaders on Capitol Hill asked Trump not to impose the tariffs, fearing it would risk retaliation.

The CPTPP was built on the foundations of the Brunei-Chile-Singapore-New Zealand Trans-Pacific Strategic Economic Partnership Agreement that was signed in 2006. With the United States, it would have represented 40 per cent.

"Today, we can proudly conclude this process, sending a strong message to the worldwide community that open markets, economic integration and global cooperation are the best tools for creating economic opportunities and prosperity", Reuters quoted him as saying.

Chilean foreign minister Heraldo Munoz said the agreement was a strong signal "against protectionist pressures, in favor of a world open to trade".

However, even without the United States, the trade deal remains one of the largest trade agreements in the world, as it covers a market of almost 500 million people.

The original 12-member agreement, known as the Trans-Pacific Partnership (TPP), was thrown into limbo early a year ago when Trump withdrew from the deal three days after his inauguration.

"We look forward to seeing the member states complete their domestic ratification process and start accepting new members, including Taiwan, to expand the benefits of the agreement", the ministry said.

The 11 remaining nations finalised a revised trade pact in January.

"This is a very good day for trade", said Steven Ciobo, Australia's trade minister.

The ministers dropped key provisions that the Americans had required on protection of intellectual property, among others.

Once it goes into effect, the agreement is expected to generate an additional $147 billion in global income, according to an analysis by the Peterson Institute for International Economics.

Chapman also highlighted the importance of New Zealand's participation in the agreement from an economic stand point.

Ministers of Canada, Japan, Australia, Mexico, New Zealand, Malaysia, Singapur, Vietnam, Peru, Chile and Brunei were those in charge of signing the text in a protocol ceremony headed by Chilean president, Michelle Bachelet.

A trade deal originally expected to enhance trade relations between numerous Pacific countries and the United States has been signed but without US participation.

Without any fuss, several dynamic economies of Southeast Asia were enthusiastic with the signing of the so-called TPP-11, while three actors of Latin America: Mexico, Peru and Chile felt as if they had joined the big leagues.

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